Scrub Daddy Net Worth & Value

Scrub Daddy Net Worth – $250 million

What is the net worth of Scrub Daddy?

Introduction

If you haven’t heard of Scrub Daddy, you’re in for a treat.

The cleaning tools company takes its name from its best-ever-selling product: the Scrub Daddy sponge.

Shaped like a smiley face, this genius polymer sponge is like magic—it hardens in cold water and softens in hot water.

Its success has been pretty magic, too: in 2019, it became the ABC network’s Shark Tank show’s biggest ever success story.

With the highest revenue of any product ever successfully pitched on the show (that means the sharks actually went for a deal), Scrub Daddy is a household name.

But what do we know about its beginnings?

And what do we know about its growth?

Read on for the only 6 facts you’ll ever need to know about Scrub Daddy.

#1. The idea almost didn’t see daylight.

When inventor Aaron Krause came up with the Scrub Daddy sponge, he never dreamed it would be such a huge success.

Neither did 3M—they bought a buffing pad business Krause had set up, but they didn’t want Scrub Daddy.

Krause had to remove it from the deal in order for the manufacturing giant to buy his business.

He couldn’t sell the sponges after that. He threw them all in a box at the back of his warehouse and left them there.

Then, in 2011 after his wife had begged him to finally clean their lawn furniture, he fished the sponges out.

They did the trick…so well that he decided to test them on dishes. And Scrub Daddy as a kitchen sponge was born.

#2. Krause didn’t create Scrub Daddy for kitchens.

Aaron Krause used to have a car washing business. Always an avid inventor, he got to work creating a better buffing pad than what was on the market.

When he finally created one that he knew was “something extraordinary,” he patented it.

He developed the machinery to make the pads.

It was an incredibly dirty, greasy project, and he constantly had oil and grease on his hands.

What to do?

If you’re Aaron Krause, you invent a solution: a tailor-made, German manufactured foam.

Krause cut a ridged circle for thumb grip, and two holes in the middle for cleaning fingers, and suddenly, he had a smiley face staring back at him.

#3. His parents were not okay with his dreams.

Aaron Krause comes from a family of doctors.

After he graduated from college, his parents sat him down to discuss his career options and his journey along the traditional career path.

Krause had other plans.

He told his parents that he was going to start a car wash.

He didn’t see himself as a car washer, though—he saw himself as the CEO of his own company.

Needless to say, his parents didn’t see it the same way.

Fortunately, the end result was enough to convince the Krauses that their son was on to something good.

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#4. He took a big risk on Shark Tank.

After securing a patent for his smiley-face sponges and investing more than $50,000 into his first batch, Scrub Daddy’s first drive was a big success—they’d sold out of sponges in under 10 minutes.

While he and his wife were watching TV one night, Shark Tank came on. Convinced they had to try and get on the show, they filled out the application.

After being accepted, they headed to LA for filming.

The first offer wasn’t what they’d expected—Kevin O’Leary offered them a deal, but for a 50% stake in the company.

The Krauses turned him down.

Fortunately, Lori Greiner took a 20% stake and gave them $200,000.

The next day, all 42,000 sponges in the Scrub Daddy warehouse sold out.

Greiner even used her savvy to secure the brand a spot in Bed, Bath & Beyond and Walmart.

#5. Scrub Daddy came back to haunt 3M.

Since then, Scrub Daddy has expanded into stores and online retailers across the US.

It is also officially the #3 sponge company in the US and is taking market share from 3M—the company that once demanded Krause take away his sponges before they’d make him an offer.

Scrub Daddy also added more weaponry to their arsenal—including scouring pads, mops, dish wands, and microfiber towels.

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#6. Scrub Daddy made it big in 2017.

It was all go for the brand following their trip to the Shark Tank and their pairing with Greiner.

So much so, that by January 2017, the company’s total revenues had passed the $100 million mark—making it the highest revenue of any Shark Tank product ever made.

The big daddy of kitchen sponges took it a step further in 2019, when its lifetime sales officially surpassed $200 million.

Scrub Daddy – Net Worth

Scrub Daddy found fame on Shark Tank, and with all its success, people are wondering how much is Scrub Daddy worth.

In 2017, Scrub Daddy’s sales passed $150 million, and $209 million by the end of 2019.

In 2021, the company had an 80 percent revenue growth year over year.

In January 2023, Scrub Daddy partnered with Unilever to create groundbreaking new cleaning products. To kick off the partnership, they will appear on an upcoming episode of ABC’s Shark Tank set to air on January 27, 2023.

Therefore, Scrub Daddy has an estimated net worth of $250 million.

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